SINGAPORE - Broadcaster Mediacorp announced on Tuesday (March 19) that it has broadcast rights to the 2020 Summer Olympics and the 2022 Winter Olympics.

It said in a press statement it obtained the rights from Dentsu Inc, which was awarded exclusive broadcast rights for the Olympic Games in 22 Asian territories until 2024 by the International Olympic Committee (IOC).

The local broadcaster also clinched the broadcast rights to the 2020 Youth Olympic Winter Games and the 2022 Youth Olympic Games.

Mediacorp CEO Tham Loke Kheng said: "The Olympic Games is a global event that inspires people the world over and unites nations like no other.

"We especially look forward to shining the spotlight on Team Singapore and rallying Singaporeans behind their amazing endeavours."

In 2016, Mediacorp and Dentsu reached a deal for the live broadcast of the Olympics only one day before the opening ceremony, reportedly because of Dentsu's initial asking price of US$6 million (S$8.11 million). Both parties eventually settled on a lower price, believed to be around US$3.2 million

A Ministry of Culture, Community and Youth spokesman said then: "The Government notes that prices for 'live' sports content of major games like the Olympics have been escalating in recent years. It has reached the point where we have assessed to be neither prudent nor value-for-money to spend more and more on escalating rights fees."

Last year, Eleven Sports similarly reached an 11th-hour deal with Dentsu to telecast the Winter Olympics a day before it began.